The company has reported a net loss at Rs 65.6 crore in the Q3FY17 versus profit of Rs 7.1 crore, in the same period of last year.

10:15 am Earnings estimates: Country’s largest lender State Bank of India is expected to report profit at Rs 2,496 crore for the quarter ended December 2016, a whopping growth of 124 percent compared with Rs 1,115.3 crore in year-ago quarter.

Net interest income, the difference between interest earned and interest expended, may increase 6.2 percent to Rs 14,452 crore from Rs 13,606.5 crore on year-on-year basis, according to average of estimates of analysts. Analysts expect sharp earnings growth on a low base in year-ago quarter and loan growth to fall sharply to 5-6 percent in Q3. Slippages may remain similar to last quarter levels while treasury gains will include the stake sale of insurance business, analysts say.

10:00 am Market Check

Benchmark indices were off day’s high in morning after erasing some early gains, weighed by ITC, ICICI Bank as well as auto and pharma stocks. Investors await Q3 earnings of SBI, the country’s largest lender.

The 30-share BSE Sensex was down 5.99 points at 28323.71 and the 50-share NSE Nifty gained 4.55 points at 8782.95 but the market breadth remained positive.

About 1135 shares advanced against 779 declining shares on the Bombay Stock Exchange.

“At present, the market is witnessing time-wise correction in the markets which may extend further, considering the overbought market conditions,” Jayant Manglik of Religare Securities says.

He suggests continuing with stock specific trading approach till consolidation continues. Now, focus would return on earnings and it will drive the markets from here on, he feels.

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